S. Korea selects 12 won-yuan direct trading market makers for 2026

The South Korean central bank said Friday it has selected seven local lenders and five foreign banks with branches in the country as market makers for direct trading between the South Korean won and the Chinese yuan next year. The seven local won-yuan market makers for 2026 are KB Kookmin Bank, NH Nonghyup Bank, Shinhan Bank, Woori Bank, Industrial Bank of Korea, Hana Bank and Korea Development Bank. The five foreign banks are China Construction Bank Corp., Bank of Communications Co., Ltd., Industrial and Commercial Bank of China Ltd., Bank of China Ltd. and HSBC Holdings PLC., according to the Bank of Korea (BOK). The BOK annually updates the list of banks participating in the won-yuan direct trading market to allow interbank and customer spot transactions without conversion into the U.S. dollar. The selected banks will also be tasked with leading efforts to provide liquidity to the market. "The market-maker system has contributed significantly to the successful establishment of the won-yuan direct trading market and is expected to continue playing a crucial role in developing the market